Entrepreneurship and Small Business Management

Entrepreneurship and Small
Business Management

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Entrepreneurial ventures and its types along with their typologies..................................3
P2 Difference and similarities between entrepreneurial venture............................................4
TASK 2............................................................................................................................................5
P3 Interpretation of statistics for showing impact of micro and small business on the economy
................................................................................................................................................5
P4 Importance of SME and start-up in growth of social economy........................................7
TASK 3 and 4..................................................................................................................................8
Covered in ppt........................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneur refers to those individual that invent new and unique ideas to convert them into
reality for satisfying the demand of market and customers. The main motive of an entrepreneur is
to earn more profits that leads organisation to complete their work in proper manner. In the
present scenario, entrepreneur work as economical backbone of the country by opening small and
medium organisation for increasing more economic opportunities in market. Moreover, this
report highlights on different types of ventures and typologies of entrepreneurship. Similarities
and difference between various entrepreneurial ventures will also be included in the report
(Mugler, 2017). The interpretation of various statistics that supports economical conditions for
country will also be included in this report. Micro and macro business environment on the
economy conditions will also be included in this report. Along with this importance of medium
and small scale business on small scale business will also be included in the report. Traits, skills
and characteristic of successful entrepreneur are also focused in upcoming report.
TASK 1
P1 Entrepreneurial ventures and its types along with their typologies
Entrepreneurs are those persons or individuals that are responsible for formulating the new
organisation or business. The main motive for the business is to introduce new products and
services that match with the needs and wants of customers. Each business venture work as per
their own purpose as it relates with size, scope and service.
Entrepreneurial activity- This refers to the process for a business by which organisation
generates more value for certain activities that assist management to gain better results for
completing their work with new and unique ideas as it also generates opportunities for local
individuals and country (McKeown, 2017).
Types of ventures
Small business- SME’s are playing an essential role for the industry as they are small in
size but it is leading organisation to earn more amount of profits. This also demonstrates there
are less employees in small organisation and also narrow for the business area. Sole
proprietorship is an example of small business.

Social enterprise- These types of business are formed for completing all work with the
purpose of developing society. This also determines that organisation develops there new ideas
that are used for the improvement of society. There is large scope for business and it
opportunities is also increasing that leads to make sustainability in market. Example- the improve
of society is done by social enterprise by fulfil needs of customers in accurate manner.
Large enterprise- Business venture are operating there business at large level that is also
operating business to complete and manage task by engaging large number of individuals. There
are different task and operations are also managed that leads business organisation to cover more
market area (Barringer, 2015). Moreover, people and investment both are required at large level
to manage enterprise at large level.
Typologies of entrepreneurship
Entrepreneurship are those ventures which consists of various typologies that relates to
business and its development for making an organisation more efficient. Some typologies of
entrepreneurship are as follow:
Lifestyle enterprise- This types of typology are generating better results for companies leading
entrepreneur to get the task done within proper manner. Different task is there and operations are
to be performed through management. This help management to generate better results for
completing an task.
Growth firms- Organisation are performing maximum profits as well as revenue that leads
business houses to enhance their business size. With this types of business firm it is analysed that
new and innovative ideas are satisfying needs of employees and also fulfil all requirements for
business firm to increase their business size (Kuratko and Morris, 2018).
P2 Difference and similarities between entrepreneurial venture
Differences
Basis Small enterprise Large enterprise Social enterprise